During a marriage, the financial identity of both spouses may become comingled due to joint bank accounts, joint credit cards, co-mortgagees, and more. Protecting yourself or your clients from financial identity theft during and after the divorce is final should be a top priority.
According to the Federal Trade Commission, identity theft falls into six major categories:
- Employment or tax-related fraud (34%). The use of one’s social security number and other personal information to gain employment or file an income tax return.
- Credit Card Fraud (33%). The use of someone else’s credit card or
opening a new credit line in someone else’s name.
- Phone or Utility Fraud (13%). The use of someone else’s personal
information to open a wireless phone or utility account.
- Bank Fraud (12%). The use of someone else’s personal information to take over an existing financial account or opening a new account.
- Loan or Lease Fraud (7%). The use of someone else’s...